Dynagas LNG Partners LP : Form 20-F Form 40-F – Form 6-K

Dynagas LNG Partners LP : Form 20-F Form 40-F – Form 6-K
By Finance
Jun 23

Dynagas LNG Partners LP : Form 20-F Form 40-F – Form 6-K

Dynagas LNG Partners LP is a leading global seaborne transportation company that specializes in the shipment of liquefied natural gas (LNG). The company recently filed its Form 20-F, Form 40-F, and Form 6-K with the U.S. Securities and Exchange Commission (SEC), which provide important financial information for investors. In this article, we will take a closer look at these forms and what they mean for Dynagas LNG Partners LP.

First, let’s briefly discuss what each of these forms entails:

  • Form 20-F: This form is an annual report filed by foreign private issuers that are listed on U.S. exchanges. It provides comprehensive information about the company’s business, financial condition, and management.
  • Form 40-F: This form is similar to Form 20-F but is specifically for Canadian issuers that are listed on U.S. exchanges.
  • Form 6-K: This form is a periodic report that foreign private issuers must file with the SEC when they release important new information or documents to their home country’s securities exchange.

Financial Highlights from Form 20-F

In its Form 20-F filing, Dynagas LNG Partners LP reported strong financial performance in 2020, despite the challenges posed by the COVID-19 pandemic. Here are some key highlights:

  • The company generated total revenues of $133.6 million in 2020, up from $129.8 million in 2019.
  • Net income for the year was $33.8 million, compared to $33.1 million in the previous year.
  • Distributable cash flow per common unit was $1.17, down from $1.29 in 2019.
  • The company reduced its debt by $64.7 million during the year.

Dynagas LNG Partners LP also provided an update on its fleet and contract status. As of December 31, 2020, the company had six LNG carriers in operation, with an average remaining charter duration of 3.2 years. The vessels were all fully employed under long-term charters, providing stable cash flows for the company.

COVID-19 Impact on Dynagas LNG Partners LP

Like many companies, Dynagas LNG Partners LP faced challenges due to the COVID-19 pandemic. In its Form 20-F filing, the company noted that it had implemented various measures to protect the health and safety of its crew and shore-based employees, including enhanced cleaning protocols, social distancing, and remote work arrangements.

The pandemic also led to some disruptions in the LNG market, as demand fluctuated and vessel schedules were adjusted. However, the company’s long-term charter agreements helped to mitigate the impact of these fluctuations on its business.

Form 40-F Filing for Canadian Investors

As a Canadian issuer, Dynagas LNG Partners LP is also required to file a Form 40-F with the SEC to provide information for investors in Canada. The company’s Form 40-F contains similar information to its Form 20-F, but also includes some additional disclosures required under Canadian securities laws.

Canadian investors should consult the Form 40-F to ensure they have access to all relevant information about Dynagas LNG Partners LP’s business and financial performance.

Form 6-K Filing for Recent Developments

Dynagas LNG Partners LP also filed a Form 6-K with the SEC on April 30, 2021, to disclose recent developments related to its business. In the filing, the company announced that it had entered into a new time charter agreement with an affiliate of Cheniere Energy, Inc. for the employment of one of its LNG carriers.

The charter is for a period of two years, with an expected commencement in the third quarter of 2021. Under the terms of the agreement, the vessel will be chartered at a fixed rate that provides for a minimum of $17.5 million in gross contracted revenues.

Overall, Dynagas LNG Partners LP’s recent filings with the SEC provide important insights into the company’s financial performance and business operations. Despite the challenges posed by the COVID-19 pandemic, the company has remained profitable and maintained stable cash flows from its long-term charter agreements.

Investors should review the company’s Form 20-F, Form 40-F, and Form 6-K to stay up-to-date on Dynagas LNG Partners LP’s latest developments and financial performance.

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